Hunt Mortgage Refinances 2 FL Properties
- Feb 02, 2018
Hunt Mortgage Group has secured refinancing for two multifamily properties in Florida, arranging a total of $24.5 million in loans for Village at Lake Osborne in Lake Worth and Amelia Oaks in the Miami submarket of Hialeah.
“Both of these transactions were new construction lease up deals where the borrowers wanted to transition from construction loan to permanent 10-year financing,” Marc Suarez, director at Hunt Mortgage Group, told Multi-Housing News. “Both borrowers are personal and professional long time relationships. These deals are a testament to Hunt Mortgage Group’s business plan opening a South Florida office here to provide personal service to local clients.”
Located at 2430 Lake Worth Road, the 118-unit Village at Lake Osborne was completed in 2017 and has a current occupancy rate of 96.6 percent, according to Yardi Matrix. The community offers one- and two-bedroom floorplans ranging from 616 to 855 square feet, across three, three-story buildings. Interior features include washer/dryers, vaulted ceilings, hardwood floors, air conditioning, energy-efficient appliances and private balcony/patios. Residents have access to amenities such as a pool, package center, fitness center, bike racks, on-site management and 168 parking spaces. Hunt provided a $13 million Fannie Mae DUS loan to the borrower, AHS Development Group. The 10-year loan comes with two years of interest-only and a 30-year amortization schedule.
Located at 295 West 79th Place, Amelia Oaks features 82 two-bedroom units ranging from 940 to 950 square feet. Also completed in 2017, the property comprises five, three-story buildings and 164 parking spaces. The company provided a $10.5 million Fannie Mae loan to Hialeah 2.71 Acres LLC to refinance the property. The loan is also 10 years with a 30-year amortization schedule, plus five years of interest-only payments.
Earlier this week, Hunt Mortgage Group provided a $5.9 million loan through Fannie Mae’s Green Rewards program for the acquisition of Huntington Apartments in Anderson, S.C.
Images courtesy of Yardi Matrix